LONDON, ENGLAND, October 18, 2012 (Press-News.org) As a result, when someone buys a vehicle on hire purchase (and some other forms of credit), they don't fully own it until they've paid off the money. This means they can't legally sell the vehicle - but that doesn't stop people trying to do so.
Half of new cars registered have finance secured against them - and one in four cars checked by Experian Vehicle Check still have outstanding finance. *
I'm buying a used car - so what are the risks for me?
Should you buy a car which still has an outstanding loan, hire purchase agreement or some other form of credit against it, then the finance company retain a legal interest in it until the money is repaid in full.
The person or vendor selling you the car still owes them money, and they will try to track down the vehicle and repossess it, unless you prove that you were what's called an innocent purchaser. Proving this can be an extremely difficult, lengthy and stressful process.
How can I avoid being in this situation?
There is however a way in which you can take steps to protecting yourself. A service such as Experian's Vehicle Check can tell you whether a car has outstanding finance recorded against it, as well as the agreement number and the name and contact details of the finance company that the agreement is with.
If it is outstanding, ask the seller to obtain a settlement figure from the finance company (they will not supply this to you as it is considered to be personal data and is covered by Data Protection).**
After you've confirmed it yourself with the finance company, you and the seller will have to decide together how to settle the figure - if you buy the car, you may have to withhold the settlement figure and pay it to the finance company yourself. Alternatively, if the settlement cost is higher than the asking price, you and the seller will have to pay the outstanding cost together, ideally by a bank transfer, with witnesses.
Once paid, the finance company should automatically contact Experian to remove the data from the vehicle.
Get your car checked out
You can take steps to ensure you have a clear understanding of the car's history by carrying out a full Vehicle Check report. It could help protect you from some other potential hidden pitfalls, such as cars that are currently listed as stolen or have existing damages through being written off. Some vehicle history checks do not include critical issues such as mileage, outstanding finance and other high risk factors.
Many of us have a particular model in mind when we're choosing a used car, but before you fall too much in love with the car of your dreams, ensuring everything is in tip-top condition by completing a full Vehicle Check report will give you confidence in what you are about to purchase.
*http://www.vehiclecheck.co.uk/AutoTrader/VRMLookup.aspx, VehicleCheck analysis March 2011
**https://www.autocheck.co.uk/TipsOnBuying.html
About Auto Trader:
Auto Trader is the UK's number one motoring digital marketplace with over 10.8 million monthly unique users, carrying out over 135 million searches on more than 330,000 new and used vehicles. Over 2.5 million people access Auto Trader via their mobile devices every month, through the mobile-optimised site and apps developed for iPhone, iPad, Android and Nokia. Auto Trader is part of Trader Media Group. For more information, visit www.autotrader.co.uk
Trader Media Group is Europe's largest specialist multi-media group and supplier of leading automotive marketing products and services. Brands included in the Trader Media Group stable include: Auto Trader, RAZSOR, 2nd Byte and Autotrade-mail. Trader Media Group operates in the UK, Ireland and South Africa and is jointly owned by Guardian Media Group and Apax Partners.
For more information, visit www.tradermediagroup.com
For media enquiries, please contact Citizen Relations:
Karel Kumar: E: Karel.Kumar@citizenrelations.com T: 020 3451 9402
Outstanding Finance - What It Means, And Why You Should Know About It
A car is one of the largest single purchases we can make, and consequently not everyone is able to put down the whole amount required to buy it outright at the time of purchase.
2012-10-18
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[Press-News.org] Outstanding Finance - What It Means, And Why You Should Know About ItA car is one of the largest single purchases we can make, and consequently not everyone is able to put down the whole amount required to buy it outright at the time of purchase.